ICG said moves to reduce yield, cut costs have paid dividends

摘要

Not surprisingly, given its earlier warning, International Coal Group lost two cents/share during the third quarter as it ramped down production to a level more in line with demand. ICG's Q3 showing was in line with Wall Street and analyst expectations. ICG had made eight cents/share in the comparable 2005 quarter. During Q3 '06, ICG idled approximately 3.2 million annual tons of high-cost Appalachian region production capacity. The quarter was "very challenging," according to Ben Hatfield, president and CEO of ICG. Unexpected, adverse mining condition forced the Sycamore 2 mine to be idled, and ICG "experienced a significant increase in operating costs at three other business units."